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Barnes Lipscomb Stewart & Ott PLLC
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“At such an emotional time, more paperwork is probably the last thing you want on your to-do list. However, taking a few key steps is critical to your financial future.” Divorce is never easy. Adding the complexities of estate planning can make it harder. However, it still needs to be... Continue reading
Posted 9 hours ago at Barnes Lipscomb Stewart & Ott PLLC
“Every estate plan should include three essential documents: a durable general power of attorney, a healthcare power of attorney and a last will and testament. Of the three essential estate planning documents, the will is the only document that is used after death.” A last will and testament, often referred... Continue reading
“The new numbers mean that wealthy taxpayers can transfer more to their heirs tax free during life—or at death. A lot more.” In 2022, the estate and gift tax exemption increases from $11.7 million in 2021 to $12.06 million per individual, according to new inflation-adjusted numbers from the IRS. The... Continue reading
Posted 4 days ago at Barnes Lipscomb Stewart & Ott PLLC
“A large 5.9% cost-of-living adjustment is coming to Social Security beneficiaries in 2022. That means the average monthly retirement benefit will go up by $92 per month. Exactly how much more money you will see may depend on the amount of Medicare Part B premiums.” The Social Security Administration has... Continue reading
Posted Nov 19, 2021 at Barnes Lipscomb Stewart & Ott PLLC
“As parents of children with special needs age, they should revisit the decisions they made—sometimes many years ago—regarding guardianship, beneficiarie, and other aspects of their child’s care.” Neglecting to update an estate plan is always problematic. However, failing to update an estate plan when the family includes a special needs... Continue reading
Posted Nov 18, 2021 at Barnes Lipscomb Stewart & Ott PLLC
“In a nutshell, it might be better for your mom to put the home in a living trust that allows her to control the home while she is alive and allows you to inherit the home through the trust upon her death.” One of the ways families build wealth across... Continue reading
Posted Nov 17, 2021 at Barnes Lipscomb Stewart & Ott PLLC
“If you have not already been inundated with invitations to webinars, articles and newsletters regarding the estate planning you should consider doing before new legislation passes, you undoubtedly will receive these over the next few months.” As Congress continues to hammer out the details on impending legislation, there are certain... Continue reading
Posted Nov 16, 2021 at Barnes Lipscomb Stewart & Ott PLLC
“That last will and testament you have tucked away? It may not be the last word on what happens to your stuff after you are gone. Instead, that legal document’s directives for doling out your wealth may be overruled by other paperwork and relevant laws.” Everyone needs a will. A... Continue reading
Posted Nov 15, 2021 at Barnes Lipscomb Stewart & Ott PLLC
“Discussing estate planning with your parents is a conversation that can be difficult to have. You might not want to think about the day they are no longer here, or even consider that they might experience a decline in health that severely limits their ability to think clearly or communicate... Continue reading
Posted Nov 12, 2021 at Barnes Lipscomb Stewart & Ott PLLC
“When a loved one passes away, it can be an emotional experience. Unfortunately, handling the deceased’s finances can add to this stress.” One of the tasks required after a person’s death is to pay taxes on their entire estate and often for the last year of their life. Most people... Continue reading
Posted Nov 11, 2021 at Barnes Lipscomb Stewart & Ott PLLC
“Crypto assets can be lost forever without proper storage and estate planning. When it comes to cryptocurrency, safe and secure transfer is paramount, meaning basic estate planning documents, like a will, often won't be enough.” Crypto-assets, including cryptocurrencies and non-currency blockchain tokens, hold significant family wealth today and present challenges... Continue reading
Posted Nov 10, 2021 at Barnes Lipscomb Stewart & Ott PLLC
“On the surface, the difference between revocable and irrevocable trusts couldn’t be any more straightforward. You can change your revocable trust whenever and however you choose. You can’t change your irrevocable trust at all.” However, below the surface of estate planning and the world of trusts, things get complicated. Revocable... Continue reading
Posted Nov 9, 2021 at Barnes Lipscomb Stewart & Ott PLLC
“With a draft bill from the House Ways and Means Committee on the table, all signs suggest that higher income taxes could be right around the corner. How they will affect charitable giving remains to be seen.” The landscape for charitable giving has undergone a lot of change in recent... Continue reading
Posted Nov 8, 2021 at Barnes Lipscomb Stewart & Ott PLLC
“A farmer and devout Lutheran, he'd spent his last days in the North Canton nursing home until his death Both the timing and the amount of Oscar Geckler’s gift to St. Luke Lutheran Community was unusual, to say the least. His last will and testament, 27 pages long, had very... Continue reading
Posted Nov 5, 2021 at Barnes Lipscomb Stewart & Ott PLLC
“Would your loved ones have necessary access to your bank accounts after you die to help carry out your last wishes and handle arrangements?” Unless you’ve made plans in advance, your loved ones might find themselves in a financial jam after you die. There are a number of steps you... Continue reading
Posted Nov 4, 2021 at Barnes Lipscomb Stewart & Ott PLLC
“A divorce almost always comes with emotional, personal and financial complications. However, a divorce late in life also adds a level of complexity to your estate and tax plan.” Known as a “Gray” or “Silver” divorce, a couple who divorces in their 60s, 70s and beyond, faces different issues than... Continue reading
Posted Nov 3, 2021 at Barnes Lipscomb Stewart & Ott PLLC
“Although the Medicaid system may be a generally recognized public benefit, the intricacies of the program usually do not become relevant to individuals, until they face the need to use it.” For seniors and their families, figuring out how Medicaid works usually happens when an emergency occurs, and things have... Continue reading
Posted Nov 2, 2021 at Barnes Lipscomb Stewart & Ott PLLC
“According to a Caring.com survey, only 4 in 10 American adults have a will or a living trust. And what may be even more surprising is that younger adults are outpacing their middle-aged and older counterparts when it comes to estate planning.” Estate planning is crucial to ensure that wealth... Continue reading
Posted Nov 1, 2021 at Barnes Lipscomb Stewart & Ott PLLC
“Life is messy sometimes. Divorce, bankruptcies and lawsuits happen. They can potentially wipe out the inheritance you’ve carefully set aside for your loved ones. However, there are many trust options to help keep life from ruining your legacy.” When beneficiaries receive their inheritance in their own names, a legacy becomes... Continue reading
Posted Oct 8, 2021 at Barnes Lipscomb Stewart & Ott PLLC
“What happens at your company when a shareholder dies or becomes disabled, or wants to leave? These are just two of the potential scenarios that can be properly addressed with a buy-sell agreement.” Every business should have a buy-sell agreement to protect the owners, their families, employees and the company.... Continue reading
Posted Oct 7, 2021 at Barnes Lipscomb Stewart & Ott PLLC
“There are many stories of strange conditions in wills and trusts over time. For example, the German poet Heinrich ‘Henry’ Heine died in 1856 and left his estate to his wife, Matilda, on the condition that she remarry, so that ‘there will be at least one man to regret my... Continue reading
Posted Oct 6, 2021 at Barnes Lipscomb Stewart & Ott PLLC
“Congressional Democrats are weighing a new type of required distribution from individual retirement accounts, based on the account value instead of age, according to a discussion list of policy ideas obtained by CNBC.” There are few specifics but owners of “mega” IRA accounts worth more than $5 million might be... Continue reading
Posted Oct 4, 2021 at Barnes Lipscomb Stewart & Ott PLLC
“A probate judge is an official of the county court system and a judicial official of the state, who decides civil court cases that involve the probate process.” Probate is a court-directed process to examine the last will and testament, authorize the executor named in the last will and give... Continue reading
Posted Oct 4, 2021 at Barnes Lipscomb Stewart & Ott PLLC
“Whatever the reason, whether your life is a bed of roses or a getting-worse-nightmare, there are things you can do now to insure what you leave will go to who you want. And when. And in what portion or portions.” If you’ve been working for a while, you have an... Continue reading
Posted Oct 1, 2021 at Barnes Lipscomb Stewart & Ott PLLC
“As we enter into a new era of tax code proposals from the Biden administration, it’s important to be thinking about what those changes may mean when planning for the upcoming tax season and retirement.” The proposed tax increase on capital gains may be applied to taxpayers with annualized realized... Continue reading
Posted Sep 30, 2021 at Barnes Lipscomb Stewart & Ott PLLC